NeuroVive preferential rights issue fully subscribed

NeuroVive Pharmaceutical AB (publ) has completed the preferential rights issue of units, comprising shares and warrants, authorized by the Extraordinary General Meeting on 31 March 2016. The preferential rights issue was 100.4 % subscribed, raising approximately SEK 94.4 million for the company before issue expenses. Upon full utilization of the warrants, the company will raise an additional SEK 32.6 million. The new issue was guaranteed to 75% through guarantee commitments. The full subscription means that underwriting guarantees will not have to be utilized.

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63.9 % of the preferential rights issue was subscribed for on the basis of unit rights, and the remainder, 36.6 %, without unit rights. Overall subscription was 100.4 %, implying that available guarantees did not need to be utilized. The preferential rights issue raises some SEK 94.4 million for the company before issue expenses. Upon full utilization of the warrants, the company will raise an additional SEK 32.6 million.

“We’re very satisfied with the outcome of the new issue, which shows significant confidence in the company’s operations. It’s been extremely rewarding to meet with existing and potential shareholders during the issue period, and I’d like to welcome all new shareholders and thank everyone who participated in the new issue for the trust they’ve shown in us,” commented Erik Kinnman, NeuroVive’s CEO.  

The allocation of units subscribed for without unit rights under the preferential rights issue has taken place according to the principles indicated in the prospectus dated 14 April 2016. Notice of allocation will be given in the form of a transaction note sent to the relevant subscriber for allocated units. Allocated units must be settled by no later than the date indicated on the transaction note.

Share capital and number of shares
The new issue means that the company’s share capital will increase by SEK 899,248 through the new issue of 17,984,960 shares, each with a quotient value of SEK 0.05.

The new issue also means that the company is issuing 2,248,120 warrants of series 2016/2017:1, conferring the owner with the right to subscribe for a total of 2,248,120 shares in the company, and 2,248,120 warrants of series 2016/2017:2, conferring the owner with the right to subscribe for a total of 2,248,120 shares in the company, which means that share capital may come to increase by a total of SEK 224,812 upon full utilization of the warrants issued of series 2016/2017:1 and series 2016/2017:2.

Trading in BTUs
Paid-up subscribed units (BTUs) under the preferential rights issue are traded on Nasdaq Stockholm under the ticker symbol NVP BTU in the period until the new issue has been registered with the Swedish Companies Registration Office, which is expected to take place on or around 18 May 2016, and will subsequently be replaced by shares and warrants. In connection with registration, the new shares and warrants will begin to be traded on Nasdaq Stockholm.

Terms and conditions applying to warrants
One (1) warrant of series 2016/2017:1 confers the right to subscribe for one (1) share in the company at a subscription price of SEK 6.50. Subscription for shares in the company on the basis of warrants of series 2016/2017:1 may take place in the period from 2 January 2017 until 28 February 2017 inclusive.

One (1) warrant of series 2016/2017:2 confers the right to subscribe for (1) share in the company at a subscription price of 70% of the volume weighted average price of the company’s share on Nasdaq Stockholm for 15 trading days before the start of the subscription period, subject to a minimum of SEK 8. Subscription for shares in the company on the basis of warrants of series 2016/2017:2 may take place in the period from 1 June 2017 until 30 June 2017 inclusive.

Advisors
Stockholm Corporate Finance AB acted as financial advisor and Advokatfirman Lindahl KB acted as legal advisor to the company in connection with the new issue. Aqurat Fondkommission AB acted as issuing institution in connection with the new issue and Laika Consulting was responsible for IR and marketing.

About NeuroVive
NeuroVive Pharmaceutical AB (publ) is a pioneer in mitochondrial medicine and a company committed to the discovery and development of highly targeted candidates that preserve mitochondrial integrity and function in areas of significant therapeutic need. NeuroVive’s business approach is driven by value-adding partnerships with mitochondrial research institutions and commercial partners across the globe. NeuroVive’s portfolio consists of two clinical projects in acute kidney injury (AKI) and traumatic brain injury (TBI) with candidates in clinical and preclinical development and two drug discovery platforms. The NeuroSTAT® product has orphan drug status in Europe and in the US for treatment of moderate to severe traumatic brain injury and is currently being evaluated in a study, CHIC. Ciclosporin (CicloMulsion®) is being evaluated in an on-going study, CiPRICS, in acute kidney injury during major surgery. NeuroVive’s shares are listed on Nasdaq, Stockholm, Sweden.

For investor relations and media questions, please contact:
Christine Tadgell, NeuroVive, Tel: +46 (0)46 275 62 21 or ir@neurovive.com

NeuroVive Pharmaceutical AB (publ)
Medicon Village, SE-223 81 Lund, Sweden
Tel: +46 (0)46 275 62 20 (switchboard), Fax: +46 (0)46 888 83 48
info@neurovive.com, www.neurovive.com

NeuroVive Pharmaceutical AB (publ) is required to publish the information in this news release under The Swedish Securities Market Act. The information was submitted for publication on the 10 May 2016, at 08.30 CET.

IMPORTANT INFORMATION
Publication or distribution of this press release in certain jurisdictions may be subject to restrictions according to law and the people in jurisdictions where this press release has been made public or distributed should inform themselves and follow such legal restrictions. This press release does not contain and does not constitute or form part of an invitation to acquire or subscribe or a solicitation of any offer to buy or subscribe for shares or other securities in NeuroVive.

This press release may not be published or distributed, directly or indirectly, in or into the US, Australia, Hong Kong, Japan, Canada, New Zeeland, South Africa or in any other jurisdiction where such distribution would be prohibited by applicable law. The information in this press release may not be redistributed, reproduced or passed on in ways that conflict with applicable restrictions. Failure to comply with these restrictions may constitute a violation of the United States Securities Act of 1933 or applicable laws of other jurisdictions.

NeuroVive Pharmaceutical AB (publ) - the mitochondrial medicine company. The company is listed on NASDAQ OMX Stockholm, Small Cap, under the ticker symbol NVP. The share is also traded on the OTC market in the US. NeuroVive Pharmaceutical (OTC: NEVPF) trades on the OTC Pink Market. Investors can find Real-Time quotes and market information for the company at www.otcmarkets.com/stock/NEVPF/quote 


About Us

NeuroVive Pharmaceutical AB is a leader in mitochondrial medicine, with one project in clinical phase II development for the prevention of moderate to severe traumatic brain injury (NeuroSTAT®) and one project in clinical phase I (KL1333) for genetic mitochondrial diseases. The R&D portfolio consists of several late stage research programs in areas ranging from genetic mitochondrial disorders to cancer and metabolic diseases such as NASH. The company’s strategy is to advance drugs for rare diseases through clinical development and into the market. The strategy for projects within larger indications outside the core focus area is out-licensing in the preclinical phase. NeuroVive is listed on Nasdaq Stockholm, Sweden (ticker: NVP). The share is also traded on the OTCQX Best Market in the US (OTC: NEVPF).

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